A well-known crypto analyst thinks Bitcoin (BTC) might be following a familiar pattern. This could push its price into the six-figure range. Analyst Ali Martinez recently shared his thoughts with his 84,100 followers on X.
He believes, “Bitcoin is mimicking the behavior of the last two bull cycles! After breaking its previous all-time high, BTC has been consolidating for about a week. If history repeats itself, we could see a breakout soon, targeting around $150,000, followed by a correction of about 30%.”
Martinez draws on past cycles to make his predictions. He points out that Bitcoin could rise more than 50% from where it is now. In 2017, Bitcoin jumped 156% past its previous high before a major correction of -39%. In 2020, it rose 121% before a -32% correction. If this pattern holds, BTC could reach at least $138,000 before the next significant pullback.
As of now, Bitcoin is trading at $91,839, holding steady for the day.
Next, Martinez looks at Ethereum (ETH). He notes that it shows strong support around the $3,000 level. This could signal a bullish trend ahead. He shares an In/Out of the Money Around Price (IOMAP) chart. This chart shows which addresses are profiting, breaking even, or losing money.
“Ethereum has built a solid demand zone around $3,000. Here, 2.82 million addresses have accumulated over 6.14 million ETH. This key support level may help ETH bounce back to higher prices,” he explains.
Currently, Ethereum is trading at $3,093, down 1.9% in the last 24 hours.